In certain applications, it is desirable to retain (i.e., captivate) a bolt, screw or the like onto a structure while providing the ability to hold the bolt in a position where a head of the bolt is held away from the structure (i.e., in a hold-out position). In addition, grommets have been used as hole liners to protect the structure from fastener usage and wear. What is needed is a fastener that facilitates captivation and bolt hold-out in conjunction with a grommet.